Busines Math

MM255 Business Math and Statistical Measures Unit 2: Instructor Graded Assignment Equations In this and future Instructor Graded Assignments, you will be asked to use the answers you found in the Unit 1 Assignment. Note: For these questions, you need to cite a reliable source for information, which means you cannot use sites like Wikipedia, Ask.com®, and Yahoo® answers. If you do use those sites, the instructor may award 0 points for your response. The Assignment problems must have the work shown at all times. The steps for solving the problems must be explained. Failure to do so could result in your submission being given a 0. If you have any questions about how much work to show, please contact your instructor.

Assignments must be submitted as a Microsoft Word® document and uploaded to the Dropbox for Unit 2. Type all answers directly in this Assignment below the question it applies to. All Assignments are due by Tuesday at 11:59 PM ET of the assigned Unit. Finding the National Average Price for Gas These first few questions will require you to use the internet to search for the national average price for gas. Remember to use a scholarly site for information.

 List the website(s) you visited here: For this example project we will assume the national average for a gallon of gas in the US is $0.95. This figure is for example purposes only and is not the real value you are to use.

1. (2 points): What was the average price of a gallon of gas 1 year from when your business math class started? $0.95 2. (5 points): You have $50 on hand and need to buy gas. How many gallons of gas can you buy (using the value you reported in Question 1.) Since gas is $0.95 in this example, we solve it by solving the following equation: 0.95x = 50. Solve for x to get 52.63 gallons 3. (5 points): If gas prices were to drop 10% from the current price, how much would a gallon of gas cost now? Since we assumed $0.95 a gallon, we will drop this by 10%. A 10% drop in $0.95 is $0.855 a gallon for the new cost. 4. (5 points): Using the average for 1 year ago, and the average for 6 months ago, calculate the percent increase or decrease in the price of a gallon of gas over that 6 month time span.

MM255 Business Math and Statistical Measures Answers will vary, but for this example, let's assume that 6 months ago, gas prices were $1.20 a gallon. Since we also had $0.95 a gallon for a year ago, that means that gas prices have increased. To get the percent increase, we need to first figure out how much the increase is. The increase was from $0.95 to $1.20, so we increased by $.25 (which is $1.20 - $0.95). Now to get the percent increase, we need to take the amount we increased by ($0.25) and divide it into the old value ($0.95). Calculating 0.25/0.95, use the percent increase of 26.32%.

MM255 Business Math and Statistical Measures Finding the National Average for Food for One Person Questions 5, 6, and 7 will require you to search for the national average for food for one person. Remember to use a scholarly site for information.

 List the website(s) you visited here: For this example we will assume the national average cost for food for a 35 year old male is $20 a month (pretend it is many decades ago).

5. (3 points): What was the national average for food for a month for one person, one year ago from the date the class started? Use the average for a 35-year-old male, and if multiple figures are given for that gender and age, use the highest number. Our assumed value of $20 6. (5 points): If this person lives in a state with a 7% sales tax on all food purchases, how much will they need to spend on food for one year? Notice that our figure is per month, and we need the total for the year, then we also need to figure out how much tax costs them. $20 per month = $20 * 12 = $240 per year. If we spend $240 per year, we spend $240 * .07 = $16.80 in tax as well. Therefore, the total we spend each year is $240 + $16.80 = $256.80 on food in a year. 7. (5 points): Create an equation you could use to calculate the cost one person spends on food for a year (assume no tax on the food), using this site. Your equation must work for any age range, and any gender now. I'll give an example for 35 year olds to get you started. To do this for $35 year olds you will have two possible cases, male and female. So, let's pretend that the males spend $20 per month on food and females spend $15 per month on food. Using that, we will have either: 20*12 or 15 * 12 for the cost for food for the person Look at this closely...see what varies in the equations and label carefully! Essay Question (15 points) No examples can be provided, as answers will vary based on research. In future example projects the essay question will be deleted.